The US Dollar (USD) extended its intense pullback as investors assessed the softer US data releases and increasing bets for further interest rate cuts by the Federal Reserve.

Here’s what to watch on Wednesday, November 26:

The US Dollar Index (DXY) came under strong downside pressure, breaking below the 100.00 support to hit new multi-day lows. The usual weekly MBA Mortgage Applications are due, seconded by Durable Goods Orders, the weekly Initial Jobless Claims, the Chicago PMI and the Fed Beige Book.

EUR/USD added to Monday’s optimism, reclaiming the upper end of the range and shifting its focus to the 1.1600 barrier. The ECB will publish its Financial Stability Review, ahead of speeches by Lagarde and Lane.

GBP/USD advanced for the fourth day in a row, once again surpassing the key 1.3200 hurdle amid steady prudence ahead of the release of the UK’s Autumn Budget and the speech by Chancellor Reeves.

USD/JPY faded Monday’s uptick and retreated markedly, breaching below the key 156.00 support. The final readings of the Coincident Index and the Leading Economic Index are next on tap on the Japanese calendar.

AUD/USD extended its move higher for the third consecutive day, this time approaching the 0.6480 level and surpassing its key 200-day SMA. The key Inflation Rate comes next in Oz, followed by the quarterly Construction Work Done and the speech by the RBA’s Smith.

On Tuesday, traders continued to assess potential oversupply concerns and closely monitor developments around the Russia-Ukraine conflict, which led to a decline in the prices of American WTI, approaching the $57.00 mark per barrel.

Gold rose further and hit new two-week highs near $4,160 per troy ounce amid the sharp pullback in the Greenback, diminishing US Treasury yields across the board and steady bets for further Fed easing. Silver prices rose to three-day highs before coming under decent pressure, which left them marginally in the red for the day.